Strip Mall Seller Financing
Hello All,
I am looking for some advice. I have a friend who is selling his strip mall. In talking to him he owns it with next to no debt. I would LOVE to buy it, however it is 2.4 million. He wants to sell and will let it go at a 9 cap. Yes, the NOI is correct.
Any suggestions, strong arguments, for him to carry the paper for me? At least for a year or two. I cannot come up with the 20% down and would hate to see this opportunity get on the market.
Here is my list so far.
No closing costs
No Banks
Close Quickly
Any other thoughts?
Thanks in Advance
[ Edited by dno on Date 10/22/2007 ]
You can add.....
No Brokerage Fee.
Delayed capital gains.
What are his plans with the proceeds if he were to sell it to a cash buyer? More than likely he would invest it in some way, why not invest in in you. Offer him a decent rate and 20 year ammortization. Make sure you get him to agree to hold a second when you refi in 1-2 years. Odds are you wont find a lender that will refi 100% of what you owe in 1-2 years.
Good Luck, Brandon